By DPA,
New York : US stock markets rose Wednesday on signs of economic recovery as the Federal Reserve said a number of regions are reporting an easing of the country’s economic downturn.
The Federal Reserve said five of its 12 regional banks reported a “moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level,” according to the central bank’s Beige Book, a regional report on the economy.
The Fed’s report added to a series of better-than-expected indicators over the past few weeks that have suggested the economic crisis may have finally reached bottom, prompting an upswing in US stock markets. President Barack Obama on Tuesday called them
“glimmers of hope.”
The blue-chip Dow Jones Industrial Average was up 109.44 points, or 1.4 percent, to 8,029.62 points. The broader Standard & Poor’s 500 Index gained 10.56 points, or 1.3 percent, to 852.06. The technology-heavy Nasdaq Composite Index increased 1.08 points, or 0.1 percent, to 1,626.80.
The US currency rose against the euro to 75.68 euro cents from 75.37 euro cents on Tuesday. The dollar also gained against the Japanese currency to 99.39 yen from 98.92.